Our opinion: Buy the pair from correction above the level of 107.35 with the target of 109.50 – 110.00.

Alternative scenario: Breakout and consolidation of the price below the level of 107.35 will enable the pair to continue the decline to the levels of 107.0 – 106.50 as part of correction.

Analysis: Presumably, the formation of the fifth wave of the “bullish” impetus continues on the weekly timeframe, with the target level of 110.0. Locally it seems that the third wave of the junior level 3 of (5) has completed, within which extension has been formed. If this assumption is correct minor correction as the fourth wave will be formed and the pair will continue to rise up to the levels of 109.50 – 110.00.